The global market for collaborative robots, known as cobots, is expected to grow significantly, from a revenue of $1.9 billion in 2023 to reach $16.8 billion in 2029. According to the “Collaborative Robot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report published by Research and Markets, the expected compound annual growth rate is 43.8%.
The report highlights that the demand for cobots with high payload capacity and the growing industrial automation are key factors driving this expanding market. OnRobot, in its analysis of market trends, emphasizes the importance of automation and simplification in the implementation of new collaborative applications. Enrique Palomeque, from OnRobot, points out that the combination of cobotic hardware and software is facilitating their implementation and programming, democratizing robotics and enabling automation in companies of all sizes and sectors.
Additionally, the “World Robotic-Service Robots” study by the International Federation of Robotics (IFR) indicates positive growth in service robots, with the installation of 158,000 units of professional service robots and the purchase of 5 million service robots for consumers in 2022. Mobile robots in indoor environments have proliferated due to their ease of use and handling, and there is a growing interest in logistics robots due to personnel shortages in sectors such as cleaning.
Long-term trends suggest that we will see service robots in industrial environments, with artificial intelligence, humanoid robots, dual-arm cobots, and autonomous mobile robots. Despite the challenges they face, such as integration into existing infrastructures and regulation, a significant boom is expected in the coming years, intensifying the collaboration between humans and machines.
The IMARC Group report on the collaborative robot market provides a detailed analysis of trends in each sub-segment of the market, with forecasts at the global, regional, and national levels for the period 2024-2029. The market has been categorized based on components, payload capacity, applications, and end-use industries, including automotive, electronics, manufacturing, and food and beverages.
In the competitive landscape, key players such as ABB Ltd., AUBO Robotics, DENSO WAVE, Doosan Robotics, Fanuc Corporation, Kawasaki Heavy Industries, KUKA AG, Omron Corporation, Precise Automation, Rethink Robotics, TechMan Robot, Universal Robots, and Yaskawa Electric Corporation are highlighted.